Connecticut Sports Betting Handle Went Up in January

Connecticut Sports Betting Handle Went Up in January
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Excitement around the Connecticut sports betting market has continued to grow in January. The state saw a monthly handle of $158.1 million, an increase of 5.3% from December’s $150.1 million.

Mobile sports betting continued to drive most of the market with $149.4 million of bets placed online, up 4% from December’s $143.6 million.

Retail sports betting made up $8.7 million of the handle, 34.4% more than December’s $6.5 million.

The state’s taxable gaming revenue from sports betting was $8.3 million in January ($7.5 million online, $825,369 retail) 22.9% more than December’s $6.8 million ($6.4 million online, $396,051 retail).

Connecticut’s January state revenue share was $1.1 million, up 22.9% from December’s $929,336.

Compared to other states in the northeast, Connecticut has one of the lower tax rates on mobile sports betting at 13.75%. Both New Hampshire and New York have 51% tax rates, while the nationwide average is 11%.

Connecticut Sports Betting, January vs. December

Total handle Mobile handleRevenue
ChangeUp 5.3%Up 4.0%Up 34.4%

Connecticut Online Casino

In January, the Connecticut online casino handle was $780.1 million, a decrease of 4.3% from December’s $814.9 million.

The state’s online casino total taxable gaming revenue was $18.8 million, 15.3% more than December’s $16.4 million.

January’s state revenue share in online casinos was $3.4 million, 15.3% higher than December’s $2.9 million.

Connecticut Sports Betting

Connecticut is one of the more recent states to launch its sports betting market. Currently, players can bet at DraftKings, FanDuel and SugarHouse. The state tested a soft launch on Oct. 12 before going live on Oct. 19.

FanDuel gained access through a partnership with the Mohegan Tribe, while DraftKings is partnered with the Mashantucket Pequot Tribe. Numerous operators applied to reach a deal with the Connecticut Lottery Corporation (CLC) before the CLC selected BetRivers and its SugarHouse Sportsbook as its partner.

In each month, Connecticut has seen its sports betting figures grow. The state opened with a handle of $54.6 million in October before growing to $131.7 million in November. December saw a handle of $150.1 million before the $158.1 million posted in January.

It’s reasonable to assume the state could see continued growth up through March, which is regarded as one of the biggest sports betting months because of the March Madness men’s and women’s basketball tournaments.